Thread regarding Charles Schwab Corp. layoffs

There is a policy on the intranet.

The one who posted about what to expect has it all wrong. Nothing in that post is accurate, including the part on the severance pay.

If you have an approved sabbatical request, then you will be paid for that as part of your severance. However, if you are currently eligible, but have not submitted an application that is approved, then you basically lose it. It's possible if you have an application that is currently under evaluation, it could still be approved after notification.

I have known some people who have come into work at Schwab in the morning and their email has already been shut down.

What about those that have earned & been approved to take their sabbatical? will they get paid out for that?

1. When you are notified, assuming the 9/17 date is accurate, you are usually "notified" in the morning.

When notified they take you away from you desk/office. This typically runs to around 11am-ish local time. This would be your direct manager, but given our geographical dispersion, this will most likely be someone else local to you; sometimes an HR representative, and sometimes another manager that is local to you.

2. You turn in your enterprise cell phone (if any), laptop(s) (if applicable), and your "notifier" checks this off and secures the items.
3. You are then given 30-45 minutes to pack up your personal items and say goodbye to the people around you. During our first major layoff, your were allowed to actually stay the whole day, but this policy has been revised to the short duration mentioned.
4. If you can carry your own box(es), you can. Otherwise they will mail your personal boxed up effects.
5. You are then escorted down to the main lobby, and you turn in your badge.

With notification complete, your 2 month period begins, where you continue to receive a paycheck as usual, have access to current benefits, and etc. Note during this period any deductions you hav like ESPP, 401K, and so forth continue. Use this time to take care of your medical stuff if needed. During this 2 months period, you don't have to come to office, or take care of anything. There is no period to do transition. UNLESS you are called, and asked to do something. This is rare, and I'm not sure how that is handled given your access and credentials have been removed. It may just be a set of conference calls, or you asked to come in, and do transition with someone else. I only knew of one colleague that had to something similar to this; and that was due to him being the only one with critical knowledge of a system, which the manager, or one up was not aware of.

At the end of your 2 months, you get your severance package as one lump payment. Severance payment is the higher or 1.) 10 days (1 pay check) for each year of service up to maximum of 220 days or 2.) minimum package based on grade: 88 days for grades 54 - 58 and 110 days for grades 60 - VP.

You are also paid your remaining PTO (not including sick time or floating holidays) accrued balance, which is capped at 200 hours. Note you continue to earn PTO during your 2 month period.

Finally, you are not supposed to work or take up an offer during the 2 month period, where if you do, you would lose your severance pay. However, I know of a number of colleagues that had applied for jobs during this period and was made an offer, and was allowed to take the new position elsewhere (contract and FTE), while keeping their severance, and was paid the remainder of their 2 month balance. I'm not sure if this is a case by case basis, and what factors such as how much time is left in the 2 month period. But it can't hurt to try and ask, and you can always decline the position if you want to keep the package; which is sizable for most that have tenure in the company.

Hope this helps and good luck!